NAB offers $500m in concessional loans to flood affected customers
NAB has today announced it will offer up to $500m in concessional loans at a reduced rate to support our flood-affected customers in North Queensland to assist in repairs, restocking and re-opening for business.
The announcement builds on NAB’s existing disaster relief package, additional funding and in-kind support to microfinance partner, Good Shepherd Microfinance, to help community loan providers get back-up and running so that they can provide no-interest available to those in need. Separately, NAB has made a $100,000 donation to the Australian Red Cross.
NAB Chief Customer Officer, Business and Private Banking Anthony Healy said: “We are seeing first hand from our people and customers on the ground in North Queensland the devastating impact of these floods. Regional businesses and agribusinesses are incredibly resilient but government and banks must work together to help them through this.”
“Some of our customers have suffered significant loss and damage to their stock and farms and we want our customers to know that we are there to help and want to help,” said Mr Healy.
“As Australia’s biggest business bank and biggest agribusiness bank we have to be prepared to back our customers in good and bad. So we are putting in place meaningful support that will help these farmers and regional businesses and get people back on their feet.
“Our bankers will continue to visit businesses and regional communities in the coming weeks as conditions permit to assess requirements and provide support.”
The concessional loans are available to NAB customers in flood impacted areas across North Queensland on a case by case basis and may include:
- Discounted business loan for a maximum term of five years to assist with working capital such as repairs and restocking;
- Asset finance (equipment) facility for a maximum term of five years at a reduced rate, and;
- Decisions about credit being made quickly and locally.
“We encourage all of our NAB customers to contact their local banker as we are ready to assist,” Mr Healy said.
Other measures available to NAB customers under our disaster relief package include:
- Credit card and personal loan relief where appropriate;
- Suspending home and personal loan repayments;
- Support to manage existing regional business and agribusiness bank facilities;
- Waiving costs and charges for withdrawing term deposits early;
- Waiving home loan and personal loan application fees;
- Support to restructure other existing bank facilities; and
- Provision of support and counselling by making NAB’s Employee Assistance Program available to customers.
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